BOARD OF DIRECTORS MEETING MONARCH AT ROYAL HIGHLANDS, INC. December 9, 2016

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1 BOARD OF DIRECTORS MEETING MONARCH AT ROYAL HIGHLANDS, INC. December 9, 2016 A meeting of the Board of Directors of the Monarch at Royal Highlands, Inc. was held at 8:00am in the Great Hall Meeting Room. Those present: Harry Taylor, Terry Neikirk, Ann Carter, Linda Gietz, Ray Smith, Marshall Leich and Diane Christie. Also in attendance was Sam Floyd from Par for the Course Management, Craig Misch, Monarch Head Golf Professional and Linda Eaton, Monarch Food & Beverage Director. Dick Therrien was absent. Minutes of the November 11, 2016 meeting were approved. Treasurer s Report Linda Gietz The Monarch at Royal Highlands, Inc. Treasurer's Report 12/09/16 Account Account Type Bank APY Balance Cash - Operating - Available Checking Sun Trust 0.01% 50, Petty Cash Currency Office Safe 0.00% 1, Capital Reserve 23, * Ford Interest Advantage Note/Checking Ford Interest Advantage 1.00% 46, Non Operating Investment Account Bonds Raymond James 3.11% 40, Non Operating Investment Account CD Raymond James 0.95% - Non Operating Investment Account Cash Raymond James 0.02% 15, , Change from 11/11/16 Report (17,209.64) * The Capital Reserve account has been deducted from the checking account to reflect the correct total. Sun Trust Loan 5.15% 1,068, Secretary Terry Neikirk Terry reported that all preparations for the annual meeting and election have been completed. Membership Marshall Leich Resignations: Don Wood, Seasonal Limited Single Equity Member effective 12/1/2016 Audrey Belton, Limited Single Equity Member effective 1/1/2017 Tom Brondyke, Family Equity Member effective 1/1/2017 Karen Brondyke Single Equity Member James Williams, Limited Single Member effective 2/1/2017 remains as Change of Status: Doug and Diana Wilson from General Family to Seasonal Family Equity effective

2 1/1/2017 Richard Beliveau from Single Equity to Single Limited Equity effective 12/1/2016 Remaining on Leave: Bob Breen until TBD Chuck Shenot until TBD Casey Case until 3/1/2017 Harry Taylor until 12/16/2016 Ron Ambrosio until TBD Carol Smith until 4/1/2017 Betty Danish until 12/1/16 Don Snopik until 4/1/2017 Sally Tubbs until 2/1/2017 Judi Bouchard until TBD Ed Auger until 2/1/2017 Bob Titton until 4/1/2017 Golf Ray Smith The couples fall scramble had 32 players and ended in a four-way tie. An option for 9-hole play will be considered for future couples events. A final version of the 2017 golf calendar will be distributed. Mulligan money has been used to provide mulch. Ray reported that he was informed by Craig Arnold and Dick Wolf that they would no longer do the Paul Bunyan tournament. The tournament is on the golf calendar and has been a successful event. Craig Misch volunteered to help organize the event if we can find someone to be in charge. It was noted that Jim and Jan Dubsky had also been involved in running the tournament. An e-blast will be sent out to see if anyone wants to take charge of this event. Communication Ann Carter The numbers for the dinners from the last Board meeting through December 7th are: 11/10 Thursday Dinner Special (Meat Lasagna-20) 54 - $654, Bar $309 = $963 11/11 Friday Dinner Special (Shrimp n Cheese Grits-11) 41- $706, Bar $200 = $906 11/15 Tuesday Dinner Special (Chicken Penne Alfredo-5) 11 - $150, Bar $120 = $270 11/17 Thursday Dinner Special (Tenderloin Beef-23) -46- $606, Bar $267 = $873 11/18 Friday Dinner Special (Seared Redfish-23) -94 $1,417, Bar $491 = $1,908 11/19 Birthday Bash 57 - $759, Bar $241 = $1,000 11/22 Tuesday Dinner Special-(Veal Saltimbocca-12) 30- $496, Bar $192 = $688 11/24 Thanksgiving Buffet $3,117, Bar $597 = $3,714 11/25 Friday Dinner Special (Lobster Linguini-12) $719, Bar $152 = $871 11/29 Taste of Italy Pasta 81 - $1,278, Bar $374 = $1,652 11/30 Taco Bingo 41 - $492, Bar $131 = $623 12/1 Thursday Dinner Special (Eggplant Parmesan-4) -42- $485, Bar $358 = $843 12/2 Friday Dinner Special (Salmon-15) -58 $801, Bar $175 = $976

3 12/6 Tuesday Dinner Special-(Liver & Onions-28) 42- $544, Bar $272 = $816 12/7 MWGA s Closing Dinner 54 - $909, Bar $473 = $1,382 For the period of 11/10 thru 12/7 (23 business days) pizzas were sold Average of 6/day The specials and events for the second half of December are: Tuesday s Dinners December 13-Fried Chicken served with Mashed Potato & Corn $13.99 December 20-Stuffed Cabbage Rolls served with Chef s choice Vegetable $12.99 December 27- Taste of Italy $15.99 Thursday s Dinners December 15-Stuffed Bell Peppers served with vegetable of the day $12.99 December 22-Italian Sausage & Peppers with pasta & vegetable $12.99 December 29-Pulled Pork Plate served with rice and chef choice vegetable $12.99 Friday s Dinners December 16-Sauteed Soft Shell Crab served with Rice & Vegetable $16.99 December 23-Seared Sea Scallops served with Risotto & fresh Vegetables $18.99 December 30-Crab Cakes with Rice Pilaf & Asparagus $18.99 Liaison Issue: Incentives to be a member: We have signs put up around that indicate the course is private property and only for members and guests. Can a non-member come at any time and use the putting green? Can a non-member play in a group that doesn't have to call for tee times? I think both of these items are incentives to become a member. I have discussed this with both Sam and Craig and they both agree this is a good management practice to allow individuals that pay greens periodically to use our facilities as a member. If this is the current opinion of the board I suggest we remove the posted signs around the course. The main reason why the signs were put in place is for insurance purposes. Further, our course, including the practice green, operates only for the benefit of the members, guests of the club, and outside paying players. Our course was never intended to be a public facility. We will always try to protect the quality of the course and make it convenient for those who are authorized to play. If we did not show we were a semi-private course and that the course was for our members and guests only, we would be responsible for any injuries to those that did not belong on the course. A non-member can play with a group that does not call in for tee times 6 (six) times a year and pay the rack rate. This is recorded in our Pro Shop. In response to the statement about allowing individuals using our facilities, this is being monitored on a daily basis by our Pro Shop Staff. If someone that has not paid to play and is

4 using our facility, the Pro Shop will handle the matter in an appropriate manner. If they have or are playing, they are more than welcome to use our driving range and putting green. It is to be noted that if a member sees someone that should not be using our facilities, they are to report to the Pro Shop and not to take it upon themselves to approach any individuals. It will be taken care of by our staff. Ann reported that as of today she has received $4,260 from 65 memberships toward the employee bonus fund for our hourly employees. Entertainment Diane Christie A date for the golf cart parade has been set and information sent out by e-blast. Entertainment has been arranged for after the parade featuring some of our members. Lorrie Gill has been scheduled for January 25 th. A playing card bingo/ Italian will be scheduled in January. February will include Danny and Johnny and playing card bingo and tacos. Marketing Marshall Leich Outside play in November was up 10% over last year. Results from the Villages ad was about the same as last year. November paid rounds averaged $23 per round. Golf Now receives 8 rounds per day as compensation for their service. Director of Operations Sam Floyd Quote from JT for tree work to be done in January is $5,000. This includes two additional trees and more trimming than originally planned. Work is on-going to take out roots where they present a trip hazard or can harm equipment. Sam will check to see if we can cart path grinding on selected holes instead of the entire project. The goose grass task force worked for two days and made a good contribution. November results were less than budget in membership revenue but better than budget for outside play. There was a timing difference of $2,700 due to a payment budgeted for November but to be paid later for CPA work. President Harry Taylor Preliminary information from our CPA shows $52,056 Net Income for the year ended September 30, 2016 after adjustments resulting from the review. The annual meeting for 2016 will be held in the Crown & Shield December 19, 2016 at 7:00PM. The annual meeting for 2017 will be held in the Crown & Shield December 18, 2017 at 7:00PM. The meeting adjourned at 10:20AM. The next meeting will be January 13, 2017 at 8:00AM in the Great Hall Meeting Room.

5 Respectfully Submitted, Terry Neikirk, Secretary